BE AWARE OF SCAMS Unfortunately, in every market place there are scams. Protecting your property and family requires you to be vigilant. In times, when you are stressed, short of time and just want it done, that's when you are most vulnerable. If you are struggling to make your payments and wonder if you might qualify for a loan modification, call your bank. Hiring someone for $3500 or even $500 is a waste of your resources. They cannot accomplish any more than you can on your own. First get a notebook and pencil ready. Call the bank and ask for the loan modification department. You will be told that someone will call you back within a couple of weeks. Call again in a couple of days. Keep notes on who, when and what was discussed. "It is the squeaky wheel that gets oiled" Later when the bank requires you to fill out their paperwork, gather the information and sit down and start. It is a matter of taking the couple of hours to gather your materials and fill in the blanks. If you aren't sure, answer the best you can. Procrastination is from not knowing what is expected and whether it will even work. How will you know until your try? Isn't a couple hours of your time vs losing your home, credit and stability worth the effort? 2nd Scam Is a company that requires you to sign your home over to them. They negotiate the short sale for a great price (to them) you get the 1099 from IRS at the end of the year. Again look out for yourself. The above company is out for themselves. If it finally comes down to doing a short sale: Call a professional Realtor. Ask the Realtor to show you a closed "short sale" listing in the MLS in which they were the listing agent or that they have participated in a short sale class within the last 6 weeks. You may ask, "why the last 6 weeks"? Short sales are evolving and changing, the Realtor needs to know the latest and most current information. Staying on top-of-the bank in a short sale is the only way it will close. update 5/5/2009 |